US employers unexpectedly reduced hiring in February, and the unemployment rate increased, fueling concerns about the labor market’s strength, according to Bloomberg.
According to data released Friday by the Bureau of Labor Statistics (BLS), nonfarm payrolls fell by 92,000 last month following a strong start to the year. The unemployment rate rose to 4.4%. The drop in payrolls was partly driven by a decline in health care employment amid strike activity.
(This is a developing story. More to come)